Trade

In nearly every year since independence the Philippines has incurred a trade deficit. The 1989 deficit was more than 50 billion pesos (at the time equal to about U.S.$2 billion). As was the case with most poorer nations, the major reasons for post-1980 deficits were low and dropping prices for primary commodities and high prices for imported energy sources, machinery, and transportation equipment.

The Philippines' main trading partners are Japan and the United States, which account for about half of the Philippines' total foreign trade. Other trading partners include Hong Kong, Taiwan, Germany, Singapore, and Malaysia. The top exports from the Philippines are electronics, ready-made apparel, and coconut products. The main imports are petroleum, petroleum products, machinery, and iron and steel.
 

Back to Business Main